2022.04.0704:25:00UTC+00Australia Trade Surplus Declines In February

Australia's trade surplus declined in February on higher imports, data from the Australian Bureau of Statistics showed on Thursday.

The trade surplus fell to A$7.46 billion in February from A$11.79 billion in January. The expected level was A$12.0 billion.

Exports of goods and services remained almost unchanged in February, while imports advanced 12 percent driven by the increase in imports of processed industrial supplies and fuels and lubricants.

Another report from the statistical office showed that the dwelling approvals surged 43.5 percent in February, reversing a 27.1 percent fall in January. This was in line with the preliminary estimate published on March 31.

Private sector house approvals climbed 16.5 percent, following a 16.3 percent decline in January. Excluding houses, private sector dwellings jumped 78.3 percent, data showed.

On a yearly basis, dwelling approvals were down 7.8 percent in February.